At age $40,$ Roscoe purchased an annuity from an insurance company for $$422,400.$ According to the terms of the contract, Roscoe will receive $$5,000$ per month for life beginning at age $68.$ Show all calculations using good form.

Required:

Assume that Roscoe did not make any withdrawals before he reached age $68.$ Roscoe begins receiving monthly annuity payments on $\frac{10}{1}\frac{?}{2023},$ the date he turns age $68.$ How much gross income does Roscoe recognize in $2023?$

Assume that Roscoe lives $23$ years after the annuity start date. How much gross income does Roscoe recognize in the ${21}^{st}$ year?

Assume that Roscoe turned age $68$ on $\frac{10}{1}\frac{?}{2013}.$ Further, assume that Roscoe dies on $\frac{9}{30}\frac{?}{2023}$ after collecting monthly annuity payments for exactly $10$ years. Pertaining to the annuity contract, answer the following.

a$)$ How much is Roscoe's deduction on his $2023$ income tax return?

b$)$ How much is included in gross income on Roscoe's $2023$ income tax return?